Challenged with Board Reporting? You are Not Alone!

If you weren’t one of the over 50 early risers at our 7:00am panel entitled Board Reporting: Striking the Right Balance prior to last week’s ICI Mutual Fund and Investment Management Conference, here are some highlights.

I hosted an interactive panel session, comprised of industry experts from RidgeWorth Funds, Russell Investments, State Street, and Mintz Levin. We shared perspectives on the evolving needs of boards related to oversight requirements and enhanced compliance programs. One of the consistent board reporting themes is the need to increase transparency while balancing what is appropriate to report to boards. We discussed common industry challenges related to what to provide to boards.

Funds are challenged with balancing the diverse, disparate data that is available, determining if it is too much or too little; how to synthesize the information to provide key themes and trends

There is a lack of adopted industry standards or best practices around oversight

FICCA (Financial Intermediary Controls and Compliance Assessment) provides a standardized framework to assess the controls performed by intermediaries on activities including transaction processing, shareholder communications, privacy protection, and anti–money laundering. FICCA can be beneficial but adoption remains low in relation to the overall number of larger dealers in the industry. FICCA is one piece of an overall compliance program. It is useful for internal assessments but is not necessarily a key discussion point with boards.

With our diverse client base, Boston Financial has a broad perspective on these challenges which we share when presenting to our client boards. Our expertise is nurtured from our client collaborations and furthered with our industry leadership through the ICI and NICSA. We remain active throughout the industry and participate in industry committees, working groups, and leadership consortiums. We collaborate with our clients on key operational, technology, and compliance initiatives and work with the industry as a whole.

Taking all of these challenges into consideration, we’d like to continue this important discussion, what are you hearing from your boards and how do you report to the board? Please feel free to reach out to me our your relationship manager to share your thoughts or questions.

Mike McNeill

Mike is a member of the senior relationship management team. He is focused on enhancing client relationships and collaborating on business solutions to address the evolving needs of the industry and regulatory landscape. Mike has over 25 years of experience in the mutual fund industry. Prior to joining Boston Financial, he served as senior vice president of investor services at Putnam Investments. Previous to Putnam Investments, Mike was at Pioneer Investments and American Express - The Shareholder Services Group. Mike currently serves on the Investment Company Institute (ICI) Broker-Dealer Advisory Committee. An active member of the National Investment Company Service Association (NICSA) and ICI, Mike has served as a speaker and moderator for internal and external events as well as a spokesman for the company on mutual fund industry topics with a focus on intermediary relationships and oversight.

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